The Economics of Central Clearing

2021 ◽  
Vol 13 (1) ◽  
Author(s):  
Albert J. Menkveld ◽  
Guillaume Vuillemey
Keyword(s):  
Great Recession ◽  
Empirical Work ◽  
Credit Derivatives ◽  
Annual Review ◽  
Publication Date ◽  
Counterparty Risk ◽  
Fire Sales ◽  
The Great Recession ◽  
Classical Studies ◽  
Derivatives Markets

Central clearing counterparties (CCPs) have a variety of economic rationales. The Great Recession of 2007–2009 led regulators to mandate CCPs for most interest-rate and credit derivatives, markets in which large amounts of risks are transferred across agents. This change led to a large increase in CCP studies, which along with classical studies are surveyed in this article. For example, multilateral netting, the insurance against counterparty risk, the effect of CCPs on asset prices and fire sales, margins setting, the default waterfall, and CCP governance are discussed here. We review both CCP theory and empirical work and conclude by discussing regulatory issues. Expected final online publication date for the Annual Review of Financial Economics, Volume 13 is March 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

Agricultural Labor Supply

2021 ◽  
Vol 13 (1) ◽  
Author(s):  
Alexandra E. Hill ◽  
Izaac Ornelas ◽  
J. Edward Taylor
Keyword(s):  
Labor Supply ◽  
Low Income ◽  
Empirical Work ◽  
Low Income Countries ◽  
Future Research ◽  
Farm Labor ◽  
Annual Review ◽  
Publication Date ◽  
Agricultural Labor ◽  
Farm Work

The labor supply response to agricultural wages is critical to the viability of crop production in high-income countries, which hire a largely foreign farm work force, as well as in low-income countries, where domestic workers move off the farm as the agricultural transformation unfolds. Modeling agricultural labor supply is more challenging than modeling the supply of other agricultural inputs or of labor to other sectors of the economy owing to unique features of agricultural production and farm labor markets. Data and econometric challenges abound, and estimates of agricultural labor supply elasticities are sparse. This review explains the importance and challenges of modeling farm labor supply and describes researchers’ efforts to address these challenges. It summarizes estimates of agricultural labor supply elasticities over the last 80 years, provides insights into variation in these estimates, identifies priority areas for future research, and reviews the most influential empirical work related to this important topic. Expected final online publication date for the Annual Review of Resource Economics, Volume 13 is October 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

Learning Through Processing: Toward an Integrated Approach to Early Word Learning

2021 ◽  
Vol 8 (1) ◽  
Author(s):  
Stephan C. Meylan ◽  
Elika Bergelson
Keyword(s):  
Word Learning ◽  
Empirical Work ◽  
Integrated Approach ◽  
Linguistic Knowledge ◽  
Annual Review ◽  
Publication Date ◽  
Learning Mechanisms ◽  
Lexical Knowledge ◽  
Novel Word Learning

Children's linguistic knowledge and the learning mechanisms by which they acquire it grow substantially in infancy and toddlerhood, yet theories of word learning largely fail to incorporate these shifts. Moreover, researchers’ often-siloed focus on either familiar word recognition or novel word learning limits the critical consideration of how these two relate. As a step toward a mechanistic theory of language acquisition, we present a framework of “learning through processing” and relate it to the prevailing methods used to assess children's early knowledge of words. Incorporating recent empirical work, we posit a specific, testable timeline of qualitative changes in the learning process in this interval. We conclude with several challenges and avenues for building a comprehensive theory of early word learning: better characterization of the input, reconciling results across approaches, and treating lexical knowledge in the nascent grammar with sufficient sophistication to ensure generalizability across languages and development. Expected final online publication date for the Annual Review of Linguistics, Volume 8 is January 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

scholarly journals What Happened: Financial Factors in the Great Recession

2018 ◽  
Vol 32 (3) ◽  
pp. 3-30 ◽  
Author(s):  
Mark Gertler ◽  
Simon Gilchrist
Keyword(s):  
Financial Crisis ◽  
Great Recession ◽  
Financial Distress ◽  
Global Financial Crisis ◽  
Balance Sheet ◽  
House Price ◽  
Empirical Work ◽  
Common Finding ◽  
The Great Recession ◽  
New Research

At the onset of the recent global financial crisis, the workhorse macroeconomic models assumed frictionless financial markets. These frameworks were thus not able to anticipate the crisis, nor to analyze how the disruption of credit markets changed what initially appeared like a mild downturn into the Great Recession. Since that time, an explosion of both theoretical and empirical research has investigated how the financial crisis emerged and how it was transmitted to the real sector. The goal of this paper is to describe what we have learned from this new research and how it can be used to understand what happened during the Great Recession. In the process, we also present some new empirical work. We argue that a complete description of the Great Recession must take account of the financial distress facing both households and banks and, as the crisis unfolded, nonfinancial firms as well. Exploiting both panel data and time series methods, we analyze the contribution of the house price decline, versus the banking distress indicator, to the overall decline in employment during the Great Recession. We confirm a common finding in the literature that the household balance sheet channel is important for regional variation in employment. However, we also find that the disruption in banking was central to the overall employment contraction.

scholarly journals Who Enters Politics and Why?

2021 ◽  
Vol 24 (1) ◽  
Author(s):  
Saad Gulzar
Keyword(s):  
Political Science ◽  
Online Publication ◽  
Empirical Work ◽  
Science Volume ◽  
Annual Review ◽  
Publication Date ◽  
Trade Off ◽  
Institutional Determinants ◽  
Future Work

Despite the importance of politicians, empirical work rarely examines who decides to enter politics and why. This survey presents conceptual issues in measuring political entry; reviews work on individual, organizational, and institutional determinants of political entry; and summarizes the main findings and puzzles related to the representation/competence trade-off in recent microcensus studies on who runs for office. Fruitful directions for future work are highlighted throughout the article. Expected final online publication date for the Annual Review of Political Science, Volume 24 is May 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

The Cellular and Molecular Basis of Sour Taste

2021 ◽  
Vol 84 (1) ◽  
Author(s):  
Heather N. Turner ◽  
Emily R. Liman
Keyword(s):  
Taste Receptor ◽  
Nerve Fibers ◽  
Proton Channel ◽  
Annual Review ◽  
Publication Date ◽  
Sour Taste ◽  
Type Iii ◽  
Afferent Nerve Fibers ◽  
Classical Studies ◽  
Unique Markers

Sour taste, the taste of acids, is one of the most enigmatic of the five basic taste qualities; its function is unclear and its receptor was until recently unknown. Sour tastes are transduced in taste buds on the tongue and palate epithelium by a subset of taste receptor cells, known as type III cells. Type III cells express a number of unique markers, including the PKD2L1 gene, which allow for their identification and manipulation. These cells respond to acid stimuli with action potentials and release neurotransmitters onto afferent nerve fibers, with cell bodies in geniculate and petrosal ganglia. Here, we review classical studies of sour taste leading up to the identification of the sour receptor as the proton channel, OTOP1. Expected final online publication date for the Annual Review of Physiology, Volume 84 is February 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

Achievement Motivation: What We Know and Where We Are Going

2021 ◽  
Vol 3 (1) ◽  
Author(s):  
Allan Wigfield ◽  
Katherine Muenks ◽  
Jacquelynne S. Eccles
Keyword(s):  
Achievement Motivation ◽  
Extrinsic Motivation ◽  
Developmental Psychology ◽  
Empirical Work ◽  
Theory Development ◽  
Annual Review ◽  
Publication Date ◽  
Future Directions ◽  
Competence Beliefs ◽  
The Status

We review work on the development of children's and adolescents’ achievement motivation, focusing on recent advances in the empirical work in the field and commenting on the status of current theories prominent in the literature. We first focus on the main theories guiding the field and the development of motivational beliefs, values, and goals; intrinsic and extrinsic motivation; identity and motivation; and motivation and emotion. We provide our views on future directions for theory development and what we believe are the critical next steps in developmental research. We then discuss the burgeoning intervention work designed to enhance different aspects of children's motivation: their competence beliefs and mindsets, intrinsic motivation, valuing of achievement, and growth mindsets. We also provide suggestions for next steps in this area in order to guide the field forward. We close with a brief consideration of neuroscience approaches to motivation. Expected final online publication date for the Annual Review of Developmental Psychology, Volume 3 is December 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

Physiological Consequences of Oceanic Environmental Variation: Life from a Pelagic Organism's Perspective

2021 ◽  
Vol 14 (1) ◽  
Author(s):  
Mark W. Denny ◽  
W. Wesley Dowd
Keyword(s):  
Response Times ◽  
Environmental Gradients ◽  
Spatial Scales ◽  
New Technology ◽  
Empirical Work ◽  
Environmental Variation ◽  
Life Forms ◽  
Annual Review ◽  
Publication Date ◽  
Surrounding Water

To better understand life in the sea, marine scientists must first quantify how individual organisms experience their environment, and then describe how organismal performance depends on that experience. In this review, we first explore marine environmental variation from the perspective of pelagic organisms, the most abundant life forms in the ocean. Generation time, the ability to move relative to the surrounding water (even slowly), and the presence of environmental gradients at all spatial scales play dominant roles in determining the variation experienced by individuals, but this variation remains difficult to quantify. We then use this insight to critically examine current understanding of the environmental physiology of pelagic marine organisms. Physiologists have begun to grapple with the complexity presented by environmental variation, and promising frameworks exist for predicting and/or interpreting the consequences for physiological performance. However, new technology needs to be developed and much difficult empirical work remains, especially in quantifying response times to environmental variation and the interactions among multiple covarying factors. We call on the field of global-change biology to undertake these important challenges. Expected final online publication date for the Annual Review of Marine Science, Volume 14 is January 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

scholarly journals Systemic Risk in Financial Networks: A Survey

2021 ◽  
Vol 13 (1) ◽  
Author(s):  
Matthew O. Jackson ◽  
Agathe Pernoud
Keyword(s):  
Systemic Risk ◽  
Online Publication ◽  
Financial Networks ◽  
Annual Review ◽  
Publication Date ◽  
Feedback Effects ◽  
Optimal Regulation ◽  
Fire Sales ◽  
Different Types ◽  
The Relationship

We provide an overview of the relationship between financial networks and systemic risk. We present a taxonomy of different types of systemic risk, differentiating between direct externalities between financial organizations (e.g., defaults, correlated portfolios, fire sales), and perceptions and feedback effects (e.g., bank runs, credit freezes). We also discuss optimal regulation and bailouts, measurements of systemic risk and financial centrality, choices by banks regarding their portfolios and partnerships, and the changing nature of financial networks. Expected final online publication date for the Annual Review of Economics, Volume 13 is August 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

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